Starting your own company is always the better decision to follow rather than the 9:5 jobs, regardless you start with a small store or a big enterprise, the early stages are the most difficult, complicated yet the most important stage of your business.
1- Stick to the plan:
some people may fall into the cave of confidence right after launching the project and after receiving the first client/ customer … if you don’t follow a pre-planned steps and pre-predicted possibilities, you may not stand against the changes and that will make you need to think and decide –which will consume time/ resources- at every time you will take a step and you may won’t have the same opportunity once again, and every time you will take unplanned step you will stray more from the picture of the firm you dreamed of and by the end will lead to abandon the market and lose the investment.
2- Not setting the right goals:
Goals are considered by the most of business schools as the most important part of any business plan, as goals actually can be translated to be a specific number of steps.
but be careful, not all the goals can be dreamed of, as it must be SMART goals. And by smart we mean:
Specific (simple, sensible, significant).
Measurable (meaningful, motivating).
Achievable (agreed, attainable).
Relevant (reasonable, realistic and resourced, results-based).
Time bound (time-based, time limited, time/cost limited, timely, time-sensitive).
3- Entering a market with no background about Its regulations and other accumulative services’ sources:
Some markets can be very promising, and it always can be potentially rewarding and you can see a good opportunity to invest in, but you should know all the needed steps and procedures in order to do the job, We are here at www.globallink.ae where you can find reliable solutions for new business setups in UAE. Attestation of documents, legal translation drafting of legal documents in Arabic, and VIP medical services.
We offer effective PRO services in Dubai for your business. If you are starting your new company in the UAE, we offer a set of PRO services to get all the legal documents and paper work done for you, while leaving you to focus on your business operations. Our team of experts knows exactly what to do; when it comes to submitting your documents, making the process faster and cost effective.
4 – Underestimating the value of your product/service:
Due to either lack of confidence or trials of adapting to the market changes, many entrepreneurs would try to lower the price of their product/service or trying to add more services/ to enhance their product quality without calculating the potential effect that may happen to their business because of increasing the costs without increasing the price, and if the demand is still the same, the business will bankrupt and you will be out of competition.
5- one man for the show:
sometimes with enough experience and skill, it may seems that only one person can manage to lead the whole business and to handle all the business cycle, but this will lead to multiple defects as follows:
– not all the people are multi-tasking.
– one effort= X, 2 efforts= 2X ….etc.
– everyone is perfect at something and good at other things.
And many other benefits you will gain if you have at least another person with you sharing the same dream and passion in business.
But you will always have to be caution against the one who you would choose, as you may have a conflict of interests and this won’t enhance the business’s chance to succeed.